Will the bullish technical setup in SUI lead to a $5 breakout rally amidst improving network performance and growing demand?
With a new all-time high of $4.87, SUI is inching closer to the $5 psychological mark. A bullish trend is in play, and SUI’s decentralized exchange volumes are hitting record highs.
With a market cap of $13.56 billion, SUI ranks as the 16th largest cryptocurrency in the market. Despite the intraday pullback, its 30-day returns of 58% make it a high-performing token.
SUI Price Performance
On the 4-hour chart, SUI’s price action reveals a rising channel pattern. The price trend within the channel showcases a massive V-shaped reversal, testing the overhead trendline.
This resulted in a new all-time high for SUI at $4.8790. Currently, the SUI price is experiencing a minor pullback after testing the resistance trendline.
As per the trend-based Fibonacci levels, the bullish recovery failed to maintain dominance above the 78.60% Fibonacci level at $4.83. This resulted in a close dip to the 61.80% Fibonacci level at $4.46.
The pullback brought the SUI price down to a low of $4.54, maintaining dominance above the $4.50 psychological mark and avoiding a retest of the Fibonacci support. This indicates a crucial demand zone between $4.46 and $4.54.
Meanwhile, the price trend reveals a small recovery, with SUI currently trading at $4.633. Despite the strong recovery, the minor pullback has brought the MACD and signal lines closer together, warning of a potential bearish crossover.
Additionally, the RSI line has dropped from the overbought zone and is testing the 14-day SMA line.
SUI DEX Volume Hits $555M
Amid the recent price surge, SUI has set a new 24-hour high for decentralized exchange volume. At $555 million, SUI has entered the list of the top 5 chains by 24-hour volume for the first time in its history.
This highlights SUI’s growing presence in the DeFi space and its ability to attract both builders and users.
🎉And one day later, Sui just set yet another new 24-hour record for DEX volume: $555,000,000!
This also marks the first time that Sui is in the Top 5 of all chains by 24-hour volume 💪
— Sui (@SuiNetwork) December 13, 2024
SUI Price Targets
Based on the technical setup and Fibonacci levels, a bullish continuation will likely test the overhead trendline, potentially leading to a breakout rally. In such a case, potential price targets are $5.28 and $6.61.
These price targets are derived from the 100% and 161.80% Fibonacci levels. On the other hand, a drop below the 61.80% Fibonacci level would test the critical 50% level at $4.21.
